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February 4th, 2010 at 1:11 pm
Wow, oil touching $72.50! Gold at $1,062, silver $15.40, and copper bounced off $2.86 but looks like they’ll hit my target too. FCX is a train wreck but should hold $65 I think.
EDZ/DD – Not really. The idea is to just be on track. Ideally, that play should gain .20 per month so if you get .20 ahead of schedule, then you may want to cash in as the max never changes so if, for expample, you get to $1.50 by Feb, you still can only gain .50 more through July and it’s no longer worth waiting for (or risking the gains).
Cash/Gel – I myself am relieved for you, you were making me nervous last month!
Bearish/Jcm – We were just down here on the Dow and the S&P last Friday (a little lower now) and the world did not end, or at least put off ending until this morning. As the great WHOPPER tells us: "Sometimes, the only winning move is not to play." This is one of those times.
Kass/Tusca – I’d like to see a link on that one please. Sounds like the kind of silly rumor they float in order to sucker other people into bottom fishing before the next leg down.
CME/Tcha – It’s June, I wouldn’t touch it other than spending $4 to roll down $10 on the $270s. SPWRA is not CASH so no, I don’t like it today.
Volume is now low enough (147M at 1pm) that we can play for a bounce. The DIA $102 calls at .92 are fun and out if we fail DIA 10,040 or S&P 1,069.